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2.02 key terms
Business Essentials
| Question | Answer |
|---|---|
| Capital goods | Manufactured or constructed items that are used in the production of goods and services. |
| consumer goods and services | Products produced for personal consumption. |
| consumers | People who use goods and services to satisfy their wants. |
| consumption | The process or activity of using goods and services: the economic process or activity of using good and services. |
| convenience products | Consumer goods and services purchased quickly and without much though or effort. |
| demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time. |
| Distribution | The economic process or activity by which income, is divided among satisfy economic wants |
| Economic goods | Physical objects that are useful, scarce, and transferable and which satisfy economic wants |
| Economic goods | Physical objects that are useful scarce, and transferable and which satisfy economic wants |
| Economic resources | The human and natural resources and capital goods used to produce good and services |
| Economic services | productive acts that are useful, scarce, and transferable and which satisfy economic wants. |
| Economic want | a desire for something that can only be satisfied by spending money |
| Economics | the study of how to meet unlimited, competing wants with limited resources |
| elasticity demand | A form of demand for products in which changes in price correspond to changes in demand. |
| Elasticity | An indication of how changes in price will affect changes in the amounts demanded and supplied |
| Equilibrium | The point at which the quantity supplied is equal to the quantity demanded |
| Equipment | Industrial good used in the operation of a business but not used in the actual production of a goof or service |
| Excess demand | The situation that exists when demand is greater that supply |
| Excess supply | The situation that exists when supply is greater than demand |
| Exchange | The economic process of trading one good/service for another |
| Factors of production | Productive resources: human and natural resources and capital goods |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Human resources | People who work to produce goods and services |
| Impulse item | Any item purchased as a result of an on-the-spot decision to buy |
| Industrial goods and services | Products purchased by producers for resale, to make other goods and services, and/or to use in business operation |
| Industrial goods and services | Products purchased by producers for resale, to make other goods and services. and/or to use in business operation |
| Inelastic demand | A form of demand in which changes in price do not affect demand |
| Installations | high-cost, long-lasting industrial goods that are used to produce other goods and services |
| Law of demand | Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price |
| Law of supply and demand | Economic principle which stats that the supply of a good or service will increase when demand is great and decrease when demand is low |
| law of supply | Economic principle which stats that the quantity of a good or service that will offered for sale varies in direct relation its price |
| market research | The systematic gathering, recording, and analyzing of data about specific issue, situation, or concern that affect a market |
| materials | Industrial goods that become part of a finished product without any additional processing |
| noneconomic want | A desire for something that can be satisfied without additional spending money |
| parts | Industrial goods that become part of a finished predict without any additional processing |
| producers | The people who make or provide goods or services |
| product | A good or service that company sells to customers |
| raw materials | item in their natural state or condition |
| scarce | limited |
| services | intangible activities that are performed by other people for money: productive acts that satisfy economic wants |
| shopping products | Consumer goods and services purchased after customers compare products to get the best quality, price, and/or service |
| specialty products | Consumer goods and services with special or unique characteristics that customers are willing to excert special efforts to obtain |
| staple item | A frequently purchased item that business keep on hand continuously because the demand for it is constant |
| supplies | Industrial goods that are constantly being purchased and used up in the operation of a business |
| tangible | Capable of being touched, smelled , tasted, seen, or heard: physical |
| ultimate consumer | Anyone who personally issues a good or service to satisfy their own wants |
| unsought products | Consumer goods and services bought put of necessity or adversity rather than desire |
| want | A desire for something that may or may not be required |
Created by:
cullen.g596
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